Tesla Stock Continues To Soar as Price Per Share Surpasses $500
Tesla stock has continued its recent rise and for the first time in the company’s entire existence the price per share has broken through the $500 mark.
The Palo Alto, California-based company’s shares closed up 9.8 per cent at US$524.86 on Monday.
This is a massive improvement for Tesla as stock was trading below US$400 in December and below US$300 in October.
The recent surge in share prices has been the result of strong sales in the fourth quarter as well as the now-active Tesla gigafactory in China.
Investors seem to have renewed their confidence in Tesla and its CEO Elon Musk.
With the recent developments that the company has made, to investors it appears as though Elon Musk has Tesla moving towards a more profitable place.
“The table has turned quickly for Musk as a few quarters ago the company was facing red ink, demand issues were lingering in the US, and the management turnover was seeing a major perceived talent drain,” said Dan Ives, Wedbush Securities stock analyst.
Ives also said Tesla “has the most impressive product road map out of any technology/auto vendor around.”
According to estimates by InsideEVs, which tracks electric car sales, Tesla managed to sell around 159,000 vehicles this past year. The best performing model being the company’s Model 3